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Crypto

• Sinal
• BTC
• ETH

Sinal

As of July 31, 2025

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Portfolio

As of July 31, 2025

% of NAV	Timing	Long Bias	Long Only
Crypto	100.00	100.00	100.00
Caixa	0.00	0.00	0.00

BTC

As of July 31, 2025

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YTD 3Y 5Y Max {% raw %}{% endraw %}

btc

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Year %
year
2025	8.8	-17.4	-1.1	13.8	12.8	1.4	12.3	–	–	–	–	–	30.6

btc

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Year %
year
2022	-16.3	8.9	10.0	-14.3	-18.0	-40.8	28.0	-15.0	-1.9	5.4	-15.8	-2.1	-71.9
2023	39.3	1.6	23.1	4.1	-7.4	12.7	-3.3	-10.3	3.9	29.3	9.3	11.8	114.1
2024	2.0	44.7	13.6	-13.9	13.1	-10.9	8.2	-9.3	9.0	9.9	38.7	-2.9	102.2
2025	10.0	-17.4	-1.1	13.8	12.8	1.4	12.3	–	–	–	–	–	31.8

btc

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Year %
year
2020	29.0	-8.1	-27.1	36.9	5.9	-0.8	23.6	3.8	-9.0	27.9	41.6	50.6	174.3
2021	19.0	32.4	29.3	-3.0	-35.8	-6.0	18.8	15.2	-7.0	44.7	-8.6	-18.1	80.9
2022	-16.6	8.9	10.0	-14.3	-18.0	-40.8	28.0	-15.0	-1.9	5.4	-15.8	-2.1	-72.2
2023	39.3	1.6	23.1	4.1	-7.4	12.7	-3.3	-10.3	3.9	29.3	9.3	11.8	114.1
2024	2.0	44.7	13.6	-13.9	13.1	-10.9	8.2	-9.3	9.0	9.9	38.7	-2.9	102.2
2025	10.0	-17.4	-1.1	13.8	12.8	1.4	12.3	–	–	–	–	–	31.8

btc

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Year %
year
2010	–	–	–	–	–	–	–	-14.2	1.5	215.3	10.8	43.3	256.7
2011	74.9	66.2	-8.7	271.4	205.0	85.8	-15.8	-38.8	-38.5	-36.1	-10.0	44.1	599.5
2012	29.8	-10.5	0.4	2.4	5.3	28.7	42.3	8.9	22.2	-9.0	13.2	7.2	140.9
2013	52.0	63.9	172.0	48.7	-5.1	-22.7	0.8	31.3	0.8	64.7	451.4	-33.3	824.5
2014	9.0	-28.9	-17.1	-2.7	38.0	6.6	-8.7	-12.4	-23.2	-10.9	10.6	-14.5	-54.2
2015	-27.1	10.9	-3.6	-2.1	0.3	11.8	9.6	-18.6	3.0	39.1	17.3	17.1	57.7
2016	-12.1	17.6	-4.4	9.8	15.6	27.6	-0.4	-12.2	7.8	16.7	6.4	29.2	101.6
2017	1.7	25.1	-8.9	22.7	77.7	11.1	15.8	65.0	-11.6	53.4	51.9	49.4	353.3
2018	-30.5	6.2	-34.5	35.4	-19.2	-20.8	30.8	-8.7	-4.7	-5.4	-38.0	-6.5	-95.9
2019	-7.1	12.0	7.3	28.5	62.9	44.9	-17.9	-3.8	-14.4	11.5	-15.9	-7.0	101.0
2020	30.0	-8.1	-27.1	36.9	5.9	-0.8	23.6	3.8	-9.0	27.9	41.6	50.6	175.3
2021	19.0	32.4	29.3	-3.0	-35.8	-6.0	18.8	15.2	-7.0	44.7	-8.6	-18.1	80.9
2022	-16.6	8.9	10.0	-14.3	-18.0	-40.8	28.0	-15.0	-1.9	5.4	-15.8	-2.1	-72.2
2023	39.3	1.6	23.1	4.1	-7.4	12.7	-3.3	-10.3	3.9	29.3	9.3	11.8	114.1
2024	2.0	44.7	13.6	-13.9	13.1	-10.9	8.2	-9.3	9.0	9.9	38.7	-2.9	102.2
2025	10.0	-17.4	-1.1	13.8	12.8	1.4	12.3	–	–	–	–	–	31.8

btc_timing_long_bias

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Year %
year
2025	6.1	-7.3	-0.6	6.7	12.8	-1.9	11.3	–	–	–	–	–	27.1

btc_timing_long_bias

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Year %
year
2022	0.7	-2.7	-0.7	-3.6	0.9	-0.5	0.3	-3.7	-3.2	0.8	-4.6	-0.1	-16.4
2023	25.5	-0.2	10.0	2.7	-10.0	8.6	-3.1	-2.1	0.7	20.4	9.3	11.4	73.2
2024	-0.1	43.4	10.9	-12.9	4.2	-4.7	1.2	-7.2	2.8	2.7	37.5	-2.9	74.9
2025	6.8	-7.3	-0.6	6.7	12.8	-1.9	11.3	–	–	–	–	–	27.8

btc_timing_long_bias

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Year %
year
2020	17.4	-4.5	-10.5	13.5	5.0	-1.2	20.8	2.8	-10.6	25.5	40.0	49.7	147.9
2021	16.1	32.8	25.5	-5.2	-12.8	-1.0	7.9	14.4	-9.8	33.0	-9.2	-4.0	87.7
2022	0.7	-2.7	-0.7	-3.6	0.9	-0.5	0.3	-3.7	-3.2	0.8	-4.6	-0.1	-16.4
2023	25.5	-0.2	10.0	2.7	-10.0	8.6	-3.1	-2.1	0.7	20.4	9.3	11.4	73.2
2024	-0.1	43.4	10.9	-12.9	4.2	-4.7	1.2	-7.2	2.8	2.7	37.5	-2.9	74.9
2025	6.8	-7.3	-0.6	6.7	12.8	-1.9	11.3	–	–	–	–	–	27.8

btc_timing_long_bias

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Year %
year
2010	–	–	–	–	–	–	–	-7.4	0.8	168.6	12.4	15.9	190.3
2011	69.3	64.5	-10.3	250.0	200.8	86.1	-12.8	-18.7	0.7	1.3	1.9	19.9	652.7
2012	18.7	-11.5	-9.3	-4.7	2.5	28.5	42.2	7.0	19.2	-8.1	10.7	7.1	102.3
2013	51.6	63.9	172.0	30.5	-9.9	-13.6	-9.6	27.0	0.2	55.7	451.4	-51.7	767.5
2014	6.9	-16.2	-4.6	-2.1	20.1	1.7	-6.8	-0.4	0.9	-0.2	-4.3	-0.4	-5.4
2015	-1.4	0.6	0.5	0.7	-0.9	6.2	7.5	-4.8	0.6	31.6	13.5	16.5	70.6
2016	-9.4	11.3	-6.0	9.0	14.2	25.7	-2.4	-7.2	-0.4	16.4	6.3	29.2	86.7
2017	-4.6	24.8	-13.5	18.4	77.7	7.0	6.5	65.0	-16.5	53.4	50.8	46.7	315.7
2018	-20.8	-2.7	-7.0	6.8	-7.1	0.2	3.7	-3.3	-7.4	-0.6	-0.2	-2.1	-40.5
2019	-1.9	1.1	2.0	23.1	62.8	43.6	-19.9	-2.4	-4.6	0.2	-2.7	0.2	101.5
2020	17.4	-4.5	-10.5	13.5	5.0	-1.2	20.8	2.8	-10.6	25.5	40.0	49.7	147.9
2021	16.1	32.8	25.5	-5.2	-12.8	-1.0	7.9	14.4	-9.8	33.0	-9.2	-4.0	87.7
2022	0.7	-2.7	-0.7	-3.6	0.9	-0.5	0.3	-3.7	-3.2	0.8	-4.6	-0.1	-16.4
2023	25.5	-0.2	10.0	2.7	-10.0	8.6	-3.1	-2.1	0.7	20.4	9.3	11.4	73.2
2024	-0.1	43.4	10.9	-12.9	4.2	-4.7	1.2	-7.2	2.8	2.7	37.5	-2.9	74.9
2025	6.8	-7.3	-0.6	6.7	12.8	-1.9	11.3	–	–	–	–	–	27.8

btc_timing

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Year %
year
2025	3.5	3.5	-1.6	-1.5	12.9	-5.1	10.3	–	–	–	–	–	22.0

btc_timing

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Year %
year
2022	18.2	-15.7	-11.8	7.0	17.5	55.8	-23.7	7.8	-6.1	-4.1	2.2	1.7	48.8
2023	12.9	-2.0	-6.2	1.4	-12.8	3.7	-2.8	5.7	-2.9	11.7	9.3	11.1	29.1
2024	-2.5	42.2	8.2	-12.2	-4.8	1.4	-7.1	-8.2	-4.4	-4.3	36.4	-3.0	41.7
2025	3.6	3.5	-1.6	-1.5	12.9	-5.1	10.3	–	–	–	–	–	22.1

btc_timing

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Year %
year
2020	6.3	-0.8	-8.1	-7.4	4.0	-1.6	18.0	1.9	-12.6	23.1	38.4	48.7	109.9
2021	13.2	33.2	21.8	-8.0	11.4	-1.1	-5.4	13.5	-13.4	21.4	-10.2	10.7	87.1
2022	18.8	-15.7	-11.8	7.0	17.5	55.8	-23.7	7.8	-6.1	-4.1	2.2	1.7	49.4
2023	12.9	-2.0	-6.2	1.4	-12.8	3.7	-2.8	5.7	-2.9	11.7	9.3	11.1	29.1
2024	-2.5	42.2	8.2	-12.2	-4.8	1.4	-7.1	-8.2	-4.4	-4.3	36.4	-3.0	41.7
2025	3.6	3.5	-1.6	-1.5	12.9	-5.1	10.3	–	–	–	–	–	22.1

btc_timing

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Year %
year
2010	–	–	–	–	–	–	–	-0.6	0.2	122.4	14.0	-7.6	128.4
2011	63.7	62.8	-12.2	226.4	196.7	86.2	-10.4	-14.4	32.1	32.7	-1.0	-1.5	661.1
2012	8.1	-16.2	-19.4	-11.5	-0.5	28.3	42.1	5.0	16.2	-7.6	8.0	7.0	59.5
2013	51.2	63.9	172.0	9.7	-15.1	-4.3	-25.5	22.7	-0.4	46.8	451.4	-68.7	703.7
2014	4.9	-19.4	4.7	-11.1	2.9	-3.3	-5.2	10.7	27.3	8.5	-19.9	14.2	14.3
2015	14.6	-9.8	3.9	2.2	-2.4	0.2	5.4	8.5	-2.5	24.4	9.9	15.9	70.3
2016	-7.1	4.9	-7.6	8.3	12.8	23.9	-4.5	-2.4	-8.2	16.1	6.2	29.2	71.6
2017	-10.9	24.6	-19.1	14.1	77.7	3.0	-3.9	65.0	-22.2	53.4	49.8	43.8	275.3
2018	-11.8	-16.6	27.7	-18.4	5.4	22.4	-20.3	0.2	-11.0	4.1	48.0	-2.1	27.6
2019	2.4	-9.6	-3.3	17.7	62.7	42.3	-22.2	-1.2	4.6	-13.6	11.1	6.5	97.4
2020	5.4	-0.8	-8.1	-7.4	4.0	-1.6	18.0	1.9	-12.6	23.1	38.4	48.7	109.0
2021	13.2	33.2	21.8	-8.0	11.4	-1.1	-5.4	13.5	-13.4	21.4	-10.2	10.7	87.1
2022	18.8	-15.7	-11.8	7.0	17.5	55.8	-23.7	7.8	-6.1	-4.1	2.2	1.7	49.4
2023	12.9	-2.0	-6.2	1.4	-12.8	3.7	-2.8	5.7	-2.9	11.7	9.3	11.1	29.1
2024	-2.5	42.2	8.2	-12.2	-4.8	1.4	-7.1	-8.2	-4.4	-4.3	36.4	-3.0	41.7
2025	3.6	3.5	-1.6	-1.5	12.9	-5.1	10.3	–	–	–	–	–	22.1

ETH

As of July 31, 2025

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YTD 3Y 5Y Max {% raw %}{% endraw %}

eth

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Year %
year
2025	0.2	-33.1	-17.6	-1.8	43.3	-1.5	59.2	–	–	–	–	–	48.7

eth

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Year %
year
2022	-27.6	5.6	16.4	-13.6	-31.0	-47.2	69.4	-8.1	-13.1	17.3	-17.0	-6.3	-55.2
2023	33.1	2.9	13.0	4.4	-1.3	3.8	-3.1	-10.3	1.3	9.2	13.2	13.4	79.6
2024	0.1	48.4	5.0	-17.8	29.1	-10.6	-2.5	-23.9	4.6	-2.8	42.4	-6.1	65.9
2025	0.2	-33.1	-17.6	-1.8	43.3	-1.5	59.2	–	–	–	–	–	48.7

eth

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Year %
year
2020	40.0	23.9	-42.0	57.8	3.1	4.5	52.5	28.5	-19.6	8.1	58.2	23.2	238.2
2021	81.5	7.4	31.5	46.3	-10.5	-9.8	6.4	42.2	-11.1	47.6	5.7	-21.1	216.1
2022	-26.3	5.6	16.4	-13.6	-31.0	-47.2	69.4	-8.1	-13.1	17.3	-17.0	-6.3	-53.9
2023	33.1	2.9	13.0	4.4	-1.3	3.8	-3.1	-10.3	1.3	9.2	13.2	13.4	79.6
2024	0.1	48.4	5.0	-17.8	29.1	-10.6	-2.5	-23.9	4.6	-2.8	42.4	-6.1	65.9
2025	0.2	-33.1	-17.6	-1.8	43.3	-1.5	59.2	–	–	–	–	–	48.7

eth

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Year %
year
2017	–	–	–	–	–	–	–	–	–	3.9	43.6	69.9	117.4
2018	50.6	-21.6	-55.2	74.3	-14.9	-27.9	6.5	-35.1	-21.3	-11.4	-43.0	15.8	-83.2
2019	-19.2	28.1	4.4	10.7	68.1	19.6	-30.3	-21.4	4.8	3.3	-15.4	-17.0	35.7
2020	40.0	23.9	-42.0	57.8	3.1	4.5	52.5	28.5	-19.6	8.1	58.2	23.2	238.2
2021	81.5	7.4	31.5	46.3	-10.5	-9.8	6.4	42.2	-11.1	47.6	5.7	-21.1	216.1
2022	-26.3	5.6	16.4	-13.6	-31.0	-47.2	69.4	-8.1	-13.1	17.3	-17.0	-6.3	-53.9
2023	33.1	2.9	13.0	4.4	-1.3	3.8	-3.1	-10.3	1.3	9.2	13.2	13.4	79.6
2024	0.1	48.4	5.0	-17.8	29.1	-10.6	-2.5	-23.9	4.6	-2.8	42.4	-6.1	65.9
2025	0.2	-33.1	-17.6	-1.8	43.3	-1.5	59.2	–	–	–	–	–	48.7

eth_timing_long_bias

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Year %
year
2025	0.1	-19.8	-0.6	12.0	43.6	4.2	56.7	–	–	–	–	–	96.2

eth_timing_long_bias

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Year %
year
2022	0.7	-3.9	3.3	-0.6	1.7	-0.4	1.8	-1.4	-2.6	4.0	-9.1	-1.5	-8.0
2023	16.5	2.0	2.5	5.2	-3.5	7.5	-3.1	-1.7	0.4	8.5	13.2	12.9	60.4
2024	6.4	45.9	3.4	-16.1	24.7	-9.4	-4.1	-13.9	6.4	-1.8	42.0	-6.0	77.5
2025	0.1	-19.8	-0.6	12.0	43.6	4.2	56.7	–	–	–	–	–	96.2

eth_timing_long_bias

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Year %
year
2020	22.9	31.6	-12.0	11.8	2.1	4.4	43.4	25.4	-13.4	7.7	57.2	22.6	203.7
2021	78.0	7.9	28.0	30.8	35.0	-0.7	5.0	40.0	-12.4	36.2	-2.5	-4.2	241.1
2022	0.7	-3.9	3.3	-0.6	1.7	-0.4	1.8	-1.4	-2.6	4.0	-9.1	-1.5	-8.0
2023	16.5	2.0	2.5	5.2	-3.5	7.5	-3.1	-1.7	0.4	8.5	13.2	12.9	60.4
2024	6.4	45.9	3.4	-16.1	24.7	-9.4	-4.1	-13.9	6.4	-1.8	42.0	-6.0	77.5
2025	0.1	-19.8	-0.6	12.0	43.6	4.2	56.7	–	–	–	–	–	96.2

eth_timing_long_bias

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Year %
year
2017	–	–	–	–	–	–	–	–	–	3.9	42.4	66.5	112.8
2018	40.5	-11.8	-13.8	12.9	3.6	0.1	-10.7	-4.4	-20.5	1.0	-0.2	2.6	-0.7
2019	-4.7	8.0	-1.5	6.8	68.0	18.3	-31.8	-16.7	4.0	0.5	1.5	0.4	52.8
2020	22.9	31.6	-12.0	11.8	2.1	4.4	43.4	25.4	-13.4	7.7	57.2	22.6	203.7
2021	78.0	7.9	28.0	30.8	35.0	-0.7	5.0	40.0	-12.4	36.2	-2.5	-4.2	241.1
2022	0.7	-3.9	3.3	-0.6	1.7	-0.4	1.8	-1.4	-2.6	4.0	-9.1	-1.5	-8.0
2023	16.5	2.0	2.5	5.2	-3.5	7.5	-3.1	-1.7	0.4	8.5	13.2	12.9	60.4
2024	6.4	45.9	3.4	-16.1	24.7	-9.4	-4.1	-13.9	6.4	-1.8	42.0	-6.0	77.5
2025	0.1	-19.8	-0.6	12.0	43.6	4.2	56.7	–	–	–	–	–	96.2

eth_timing

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Year %
year
2025	-0.1	-4.8	14.7	21.2	43.9	10.0	54.1	–	–	–	–	–	139.0

eth_timing

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Year %
year
2022	29.9	-15.7	-9.8	12.5	39.5	67.8	-44.6	2.7	7.5	-9.2	-7.2	2.7	76.1
2023	1.7	1.0	-10.6	6.0	-5.7	10.3	-3.0	6.6	-1.2	7.7	13.2	12.3	38.3
2024	12.7	43.4	1.7	-14.6	20.0	-8.7	-7.4	-8.0	6.9	-1.2	41.6	-6.0	80.4
2025	-0.1	-4.8	14.7	21.2	43.9	10.0	54.1	–	–	–	–	–	139.0

eth_timing

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Year %
year
2020	7.0	39.5	10.9	-24.1	1.2	4.2	34.6	22.3	-8.7	7.2	56.2	21.9	172.2
2021	74.5	8.4	24.6	16.4	76.7	1.3	-2.3	37.8	-14.8	25.0	-10.8	13.6	250.4
2022	27.6	-15.7	-9.8	12.5	39.5	67.8	-44.6	2.7	7.5	-9.2	-7.2	2.7	73.8
2023	1.7	1.0	-10.6	6.0	-5.7	10.3	-3.0	6.6	-1.2	7.7	13.2	12.3	38.3
2024	12.7	43.4	1.7	-14.6	20.0	-8.7	-7.4	-8.0	6.9	-1.2	41.6	-6.0	80.4
2025	-0.1	-4.8	14.7	21.2	43.9	10.0	54.1	–	–	–	–	–	139.0

eth_timing

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Year %
year
2017	–	–	–	–	–	–	–	–	–	3.9	41.1	63.0	108.0
2018	27.7	-9.1	56.1	-30.3	22.1	30.7	-28.6	30.7	-27.5	12.8	53.7	-23.0	115.3
2019	6.6	-11.6	-7.8	3.0	67.9	17.0	-33.5	-12.3	-0.1	-5.2	20.0	18.4	62.4
2020	7.0	39.5	10.9	-24.1	1.2	4.2	34.6	22.3	-8.7	7.2	56.2	21.9	172.2
2021	74.5	8.4	24.6	16.4	76.7	1.3	-2.3	37.8	-14.8	25.0	-10.8	13.6	250.4
2022	27.6	-15.7	-9.8	12.5	39.5	67.8	-44.6	2.7	7.5	-9.2	-7.2	2.7	73.8
2023	1.7	1.0	-10.6	6.0	-5.7	10.3	-3.0	6.6	-1.2	7.7	13.2	12.3	38.3
2024	12.7	43.4	1.7	-14.6	20.0	-8.7	-7.4	-8.0	6.9	-1.2	41.6	-6.0	80.4
2025	-0.1	-4.8	14.7	21.2	43.9	10.0	54.1	–	–	–	–	–	139.0

Crypto L&S

As of July 31, 2025

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YTD 3Y 5Y Max {% raw %}{% endraw %}

btc

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Year %
year
2025	8.8	-17.4	-1.1	13.8	12.8	1.4	12.3	–	–	–	–	–	30.6

btc

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Year %
year
2022	-16.3	8.9	10.0	-14.3	-18.0	-40.8	28.0	-15.0	-1.9	5.4	-15.8	-2.1	-71.9
2023	39.3	1.6	23.1	4.1	-7.4	12.7	-3.3	-10.3	3.9	29.3	9.3	11.8	114.1
2024	2.0	44.7	13.6	-13.9	13.1	-10.9	8.2	-9.3	9.0	9.9	38.7	-2.9	102.2
2025	10.0	-17.4	-1.1	13.8	12.8	1.4	12.3	–	–	–	–	–	31.8

btc

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Year %
year
2020	29.0	-8.1	-27.1	36.9	5.9	-0.8	23.6	3.8	-9.0	27.9	41.6	50.6	174.3
2021	19.0	32.4	29.3	-3.0	-35.8	-6.0	18.8	15.2	-7.0	44.7	-8.6	-18.1	80.9
2022	-16.6	8.9	10.0	-14.3	-18.0	-40.8	28.0	-15.0	-1.9	5.4	-15.8	-2.1	-72.2
2023	39.3	1.6	23.1	4.1	-7.4	12.7	-3.3	-10.3	3.9	29.3	9.3	11.8	114.1
2024	2.0	44.7	13.6	-13.9	13.1	-10.9	8.2	-9.3	9.0	9.9	38.7	-2.9	102.2
2025	10.0	-17.4	-1.1	13.8	12.8	1.4	12.3	–	–	–	–	–	31.8

btc

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Year %
year
2017	–	–	–	–	–	–	–	–	–	53.4	51.9	49.4	154.7
2018	-30.5	6.2	-34.5	35.4	-19.2	-20.8	30.8	-8.7	-4.7	-5.4	-38.0	-6.5	-95.9
2019	-7.1	12.0	7.3	28.5	62.9	44.9	-17.9	-3.8	-14.4	11.5	-15.9	-7.0	101.0
2020	30.0	-8.1	-27.1	36.9	5.9	-0.8	23.6	3.8	-9.0	27.9	41.6	50.6	175.3
2021	19.0	32.4	29.3	-3.0	-35.8	-6.0	18.8	15.2	-7.0	44.7	-8.6	-18.1	80.9
2022	-16.6	8.9	10.0	-14.3	-18.0	-40.8	28.0	-15.0	-1.9	5.4	-15.8	-2.1	-72.2
2023	39.3	1.6	23.1	4.1	-7.4	12.7	-3.3	-10.3	3.9	29.3	9.3	11.8	114.1
2024	2.0	44.7	13.6	-13.9	13.1	-10.9	8.2	-9.3	9.0	9.9	38.7	-2.9	102.2
2025	10.0	-17.4	-1.1	13.8	12.8	1.4	12.3	–	–	–	–	–	31.8

btc_timing_long_bias

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Year %
year
2025	5.4	-9.2	-0.3	6.2	10.9	-0.4	11.3	–	–	–	–	–	23.9

btc_timing_long_bias

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Year %
year
2022	-1.0	-2.8	-0.2	-5.3	0.9	-2.6	1.5	-4.7	-2.3	0.6	-9.0	-0.0	-24.9
2023	23.8	0.0	11.7	2.5	-7.9	7.1	-3.2	-3.4	0.6	19.1	9.3	11.8	71.4
2024	0.5	42.0	12.2	-11.8	5.5	-5.7	1.2	-7.3	2.8	3.5	36.8	-2.8	76.9
2025	6.2	-9.2	-0.3	6.2	10.9	-0.4	11.3	–	–	–	–	–	24.7

btc_timing_long_bias

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Year %
year
2020	14.2	-5.2	-9.7	11.2	3.8	-1.0	19.5	3.2	-10.3	24.0	40.8	49.6	140.1
2021	17.4	31.4	26.4	-5.8	-15.0	-2.1	5.7	11.8	-8.6	31.3	-8.1	-7.4	77.0
2022	-1.0	-2.8	-0.2	-5.3	0.9	-2.6	1.5	-4.7	-2.3	0.6	-9.0	-0.0	-24.9
2023	23.8	0.0	11.7	2.5	-7.9	7.1	-3.2	-3.4	0.6	19.1	9.3	11.8	71.4
2024	0.5	42.0	12.2	-11.8	5.5	-5.7	1.2	-7.3	2.8	3.5	36.8	-2.8	76.9
2025	6.2	-9.2	-0.3	6.2	10.9	-0.4	11.3	–	–	–	–	–	24.7

btc_timing_long_bias

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Year %
year
2017	–	–	–	–	–	–	–	–	–	51.2	51.3	48.1	150.6
2018	-20.1	-1.2	-11.3	7.6	-8.6	-0.2	2.6	-5.3	-6.3	-1.9	-1.1	-0.7	-46.5
2019	-1.8	0.8	3.2	22.2	61.3	43.4	-18.8	-3.8	-6.5	-0.6	-5.1	0.1	94.4
2020	14.3	-5.2	-9.7	11.2	3.8	-1.0	19.5	3.2	-10.3	24.0	40.8	49.6	140.2
2021	17.4	31.4	26.4	-5.8	-15.0	-2.1	5.7	11.8	-8.6	31.3	-8.1	-7.4	77.0
2022	-1.0	-2.8	-0.2	-5.3	0.9	-2.6	1.5	-4.7	-2.3	0.6	-9.0	-0.0	-24.9
2023	23.8	0.0	11.7	2.5	-7.9	7.1	-3.2	-3.4	0.6	19.1	9.3	11.8	71.4
2024	0.5	42.0	12.2	-11.8	5.5	-5.7	1.2	-7.3	2.8	3.5	36.8	-2.8	76.9
2025	6.2	-9.2	-0.3	6.2	10.9	-0.4	11.3	–	–	–	–	–	24.7

ls_av_crypto

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Year %
year
2025	-3.2	-8.1	11.2	13.9	18.6	7.9	33.9	–	–	–	–	–	74.2

ls_av_crypto

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Year %
year
2022	4.1	3.8	3.3	3.5	9.1	-0.8	-11.0	-0.9	11.1	-1.5	-2.6	1.4	19.5
2023	-6.1	2.9	-0.3	4.2	7.2	4.0	1.9	0.8	3.3	-2.6	1.9	-1.1	16.1
2024	9.5	-4.2	-6.8	-0.5	16.7	-5.7	2.9	3.2	9.3	-0.2	-2.1	-0.6	21.5
2025	-3.5	-8.1	11.2	13.9	18.6	7.9	33.9	–	–	–	–	–	73.9

ls_av_crypto

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Year %
year
2020	-0.0	20.9	3.9	-6.6	-0.7	4.1	5.4	12.8	1.9	-10.8	1.4	-18.1	14.2
2021	20.2	-17.1	0.9	22.6	17.6	0.6	4.8	6.7	2.3	-0.3	3.5	1.5	63.3
2022	3.1	3.8	3.3	3.5	9.1	-0.8	-11.0	-0.9	11.1	-1.5	-2.6	1.4	18.5
2023	-6.1	2.9	-0.3	4.2	7.2	4.0	1.9	0.8	3.3	-2.6	1.9	-1.1	16.1
2024	9.5	-4.2	-6.8	-0.5	16.7	-5.7	2.9	3.2	9.3	-0.2	-2.1	-0.6	21.5
2025	-3.5	-8.1	11.2	13.9	18.6	7.9	33.9	–	–	–	–	–	73.9

ls_av_crypto

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Year %
year
2017	–	–	–	–	–	–	–	–	–	-24.4	-5.9	-3.4	-33.7
2018	20.0	4.8	15.7	-5.5	6.7	4.1	1.9	23.8	-6.0	4.2	5.1	-9.1	65.7
2019	2.7	-6.1	-0.6	-7.2	1.1	-16.0	-7.8	-6.3	0.7	7.5	5.2	7.3	-19.5
2020	0.5	20.9	3.9	-6.6	-0.7	4.1	5.4	12.8	1.9	-10.8	1.4	-18.1	14.7
2021	20.2	-17.1	0.9	22.6	17.6	0.6	4.8	6.7	2.3	-0.3	3.5	1.5	63.3
2022	3.1	3.8	3.3	3.5	9.1	-0.8	-11.0	-0.9	11.1	-1.5	-2.6	1.4	18.5
2023	-6.1	2.9	-0.3	4.2	7.2	4.0	1.9	0.8	3.3	-2.6	1.9	-1.1	16.1
2024	9.5	-4.2	-6.8	-0.5	16.7	-5.7	2.9	3.2	9.3	-0.2	-2.1	-0.6	21.5
2025	-3.5	-8.1	11.2	13.9	18.6	7.9	33.9	–	–	–	–	–	73.9

ls_seco_crypto

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Year %
year
2025	-7.3	-18.4	-15.8	-13.0	28.9	-2.3	43.7	–	–	–	–	–	15.8

ls_seco_crypto

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Year %
year
2022	-12.4	-2.7	6.6	1.9	-15.5	-8.3	36.4	10.2	-11.7	12.7	0.8	-3.0	15.0
2023	-4.4	2.0	-7.7	0.8	7.6	-7.2	1.4	1.0	-1.5	-15.2	4.7	1.9	-16.6
2024	-1.5	3.0	-7.6	-3.5	14.3	1.1	-9.4	-14.4	-3.3	-10.9	2.8	-2.3	-31.7
2025	-8.3	-18.4	-15.8	-13.0	28.9	-2.3	43.7	–	–	–	–	–	14.8

ls_seco_crypto

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Year %
year
2020	8.9	35.1	-19.6	15.4	-3.0	5.9	24.3	24.3	-10.9	-15.3	10.7	-18.2	57.6
2021	51.6	-21.5	1.8	50.0	42.9	-4.1	-10.0	23.4	-3.2	0.6	15.5	-3.1	143.9
2022	-10.4	-2.7	6.6	1.9	-15.5	-8.3	36.4	10.2	-11.7	12.7	0.8	-3.0	17.0
2023	-4.4	2.0	-7.7	0.8	7.6	-7.2	1.4	1.0	-1.5	-15.2	4.7	1.9	-16.6
2024	-1.5	3.0	-7.6	-3.5	14.3	1.1	-9.4	-14.4	-3.3	-10.9	2.8	-2.3	-31.7
2025	-8.3	-18.4	-15.8	-13.0	28.9	-2.3	43.7	–	–	–	–	–	14.8

ls_seco_crypto

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Year %
year
2017	–	–	–	–	–	–	–	–	–	-34.8	-10.5	3.3	-42.0
2018	107.6	-26.7	-31.2	30.8	6.2	-7.9	-18.3	-28.8	-15.1	-5.5	-6.2	27.1	32.0
2019	-11.7	15.1	-1.8	-13.1	-0.1	-17.9	-16.3	-18.6	23.4	-8.2	0.7	-10.2	-58.7
2020	8.0	35.1	-19.6	15.4	-3.0	5.9	24.3	24.3	-10.9	-15.3	10.7	-18.2	56.7
2021	51.6	-21.5	1.8	50.0	42.9	-4.1	-10.0	23.4	-3.2	0.6	15.5	-3.1	143.9
2022	-10.4	-2.7	6.6	1.9	-15.5	-8.3	36.4	10.2	-11.7	12.7	0.8	-3.0	17.0
2023	-4.4	2.0	-7.7	0.8	7.6	-7.2	1.4	1.0	-1.5	-15.2	4.7	1.9	-16.6
2024	-1.5	3.0	-7.6	-3.5	14.3	1.1	-9.4	-14.4	-3.3	-10.9	2.8	-2.3	-31.7
2025	-8.3	-18.4	-15.8	-13.0	28.9	-2.3	43.7	–	–	–	–	–	14.8

portfolio

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Year %
year
2025	-3.6	-27.2	19.7	32.9	49.4	13.0	91.2	–	–	–	–	–	175.4

portfolio

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Year %
year
2022	4.6	2.4	4.3	-0.4	16.0	-6.3	-21.8	-8.7	16.7	-4.5	-15.8	0.5	-13.0
2023	7.1	4.4	8.4	9.8	3.6	13.3	-1.6	-4.2	5.2	11.0	11.2	8.4	76.6
2024	18.6	28.8	-3.2	-14.6	40.3	-17.5	4.7	-3.2	20.5	1.4	29.3	-6.3	98.8
2025	-3.5	-27.2	19.7	32.9	49.4	13.0	91.2	–	–	–	–	–	175.5

portfolio

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Year %
year
2020	13.3	36.7	-3.8	-3.7	2.6	6.6	31.9	28.9	-7.7	-1.6	44.1	0.5	147.8
2021	69.5	-7.5	27.7	41.1	16.6	-2.2	14.2	26.6	-5.4	31.3	-1.9	-6.3	203.7
2022	2.3	2.4	4.3	-0.4	16.0	-6.3	-21.8	-8.7	16.7	-4.5	-15.8	0.5	-15.3
2023	7.1	4.4	8.4	9.8	3.6	13.3	-1.6	-4.2	5.2	11.0	11.2	8.4	76.6
2024	18.6	28.8	-3.2	-14.6	40.3	-17.5	4.7	-3.2	20.5	1.4	29.3	-6.3	98.8
2025	-3.5	-27.2	19.7	32.9	49.4	13.0	91.2	–	–	–	–	–	175.5

portfolio

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Year %
year
2017	–	–	–	–	–	–	–	–	–	-12.3	33.1	44.9	65.7
2018	15.6	7.8	16.9	-5.3	1.9	6.3	5.1	40.3	-19.0	5.4	7.2	-19.7	62.5
2019	2.1	-12.6	0.9	3.8	66.7	2.1	-31.2	-16.0	-6.3	13.0	4.3	14.0	40.8
2020	14.5	36.7	-3.8	-3.7	2.6	6.6	31.9	28.9	-7.7	-1.6	44.1	0.5	149.0
2021	69.5	-7.5	27.7	41.1	16.6	-2.2	14.2	26.6	-5.4	31.3	-1.9	-6.3	203.7
2022	2.3	2.4	4.3	-0.4	16.0	-6.3	-21.8	-8.7	16.7	-4.5	-15.8	0.5	-15.3
2023	7.1	4.4	8.4	9.8	3.6	13.3	-1.6	-4.2	5.2	11.0	11.2	8.4	76.6
2024	18.6	28.8	-3.2	-14.6	40.3	-17.5	4.7	-3.2	20.5	1.4	29.3	-6.3	98.8
2025	-3.5	-27.2	19.7	32.9	49.4	13.0	91.2	–	–	–	–	–	175.5

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